Earnings Per Common Share

6 Months Ended

Jun. 30, 2023

Earnings Per Common Share [Abstract]

(13) Earnings Per Common Share

Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. Unallocated ESOP shares, treasury stock and unvested restricted stock is not deemed outstanding for earnings per share calculations.



	Three Months Ended				Six Months Ended
(Dollars in thousands, except per share	June 30,		June 30,		June 30,		June 30,
dollar amounts)	2023		2022		2023		2022
Net Income attributable to common shareholders	$	3,461	$	5,619	$	5,564	$	11,144

Average number of common shares issued		17,688,826		17,765,817		17,687,448		17,810,916
Less:
average unallocated ESOP shares		(949,941)		(1,039,698)		(961,098)		(1,050,855)
average unvested restricted stock		(170,221)		(265,871)		(176,599)		(271,120)
Average number of common shares outstanding
to calculate basic earnings per common share		16,568,664		16,460,248		16,549,751		16,488,941

Effect of dilutive unvested restricted stock and stock option awards		1,353		422,685		915		468,245
Average number of common shares outstanding
to calculate diluted earnings per common share		16,570,017		16,882,933		16,550,666		16,957,186

Earnings per common share:
Basic	$	0.21	$	0.34	$	0.34	$	0.68
Diluted	$	0.21	$	0.33	$	0.34	$	0.66

Stock options for 1,235,342 and 198,627 shares of common stock were not considered in computing diluted earnings per common share for the three months ended June 30, 2023 and 2022, respectively, because they were anti-dilutive, meaning the exercise price for such options were higher than the average price for the Company for such period. For the six months ended June 30, 2023 and 2022, 1,360,013, and 185,022 shares, respectively, were not considered in computing diluted earnings per common share because they were antidilutive.